Ingles Markets CFO Ron Freeman Set to Retire Next Month

Ronald Freeman, VP of finance and CFO for Ingles Markets Inc., will retire effective Feb. 16 after 17 years with the company.

Freeman, who held several leadership positions as well as served on the board of directors for the Asheville, N.C.-based retailer, will not be standing for reelection to the company's board of directors, the company said.

"We regret that Ron Freeman is retiring from the company,” said Robert P. Ingle II, chairman of the board of the retailer. “He is a person of the highest caliber and utmost integrity who has been a loyal and dedicated member of our team.”

Ingles Market, which has nearly 200 stores across six Southeastern states, said in its SEC filings that a search for a successor will begin immediately and include both internal and external candidates. Following the annual meeting on Feb. 15, Freeman will conclude his service as a director.

Freeman’s retirement comes after the company reported favorably for its fourth-quarter results. The company said in a statement that net sales totaled $4.99 billion for the fiscal year ending September 2021, an increase of 8.2% compared with $4.61 billion for the fiscal year ending September 2020.

The company believes its financial resources, including the line of credit and other internal and anticipated external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.

“We have benefited greatly from his counsel, and we are grateful for the company's strong financial position that has been created under his stewardship. We wish him the best of luck in his retirement," Ingle said in a statement.